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Jitu Virwani: The workspace meister. Image: Mallikarjun Katkol for Forbes India. On Bengaluru’s eastern flank, not far from the old Hindustan Aeronautics Limited airport, stands Jitu Virwani’s finest creation.

Spread across 6. 0 acres, Embassy Golf. Links business park provides 4. Watch Gremlins Online Free 2016. Its tenants include the who’s who of Indian and global corporations—the likes of Tata Consultancy Services, Cognizant, Target, Cisco, Goldman Sachs, Rolls- Royce. The complex comes equipped with food plazas, ample parking slots and, most important to clients, power back- up. Last year, it added a Hilton hotel that allows visiting managers to stay close to their offices. There are even plans to open a crèche for working mothers. Running such a large office park can be a bit of a logistical nightmare.

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Getting it right is both an art and a science. Over the last decade and a half, it is this art and science that Virwani, 5. Embassy Group, has worked hard at perfecting. The result: “Most of our tenants have done multiple deals with us and we’ve emerged as one of their preferred partners,” says Mike Holland, CEO of Embassy Office Parks.

Having started as a small developer in Bengaluru in the 1. Virwani has, in the last two decades, built the largest stock of premier (Grade A, representing the highest quality of buildings) office space in the country—2. DLF, with 3. 7 million square feet, has the most office space overall. With 3- 4 million sq ft projected to be constructed by Embassy annually, it is expected to narrow down the lead substantially.) Other parts of the group include a residential portfolio that caters to premium customers, a services company that provides housekeeping and maintenance services, a fledgling hotel arm as well as plans to enter industrial parks and warehousing.

Virwani’s journey is a textbook case study in how to systematically build a business step by step. He eschews leverage. Unless leverage is backed by an identifiable cash flow, I am not comfortable with it,” he says. In an email interview, Tuhin Parikh, a senior managing director at Blackstone, who looks after the firm’s real estate operations in India, lauds Virwani’s understanding of risk. He understands risk well and knows how much risk he should be taking,” says Parikh.

As the business has grown, Virwani, who is a regular on the Forbes India Rich List and was ranked 6. In the last three years, he has hired heads for each of the key verticals (offices, residential, services, industrial parks) and given them complete freedom in day- to- day operations. By his own admission, much of his own time is spent on focusing on larger trends and maintaining relationships with all his stakeholders—tenants, land partners and financiers. It’s been his formula for winning repeat business. Most significantly, Virwani’s is also the story of a smart entrepreneur who, spurred by the increase in offshoring and outsourcing by western corporations, spotted an opportunity in office parks and has methodically worked to cash in on it. I’m so bullish about the demand for office space in the next ten years that I see us adding another 3- 4 million sq ft a year,” he says.

Virwani is a prolific dealmaker and is able to see inherent patterns in businesses, which enables him to see value where others can’t, thereby giving him the first mover advantage,” says Parikh. While the residential market in India has had to contend with oversupply and declining prices, office developers are seeing buoyant demand. The stagnating rentals of the post- Lehman era are a thing of the past and the last six months have seen rentals edge up even as supply remains restrained. With an average of 3.

In addition, office space is a rental yielding asset—yields are at 8- 9 percent compared to residential yields of 2 percent—which makes holding such properties for the rental returns alone a viable proposition. This has resulted in developers like Embassy building large office parks and reaping the benefits of steady income while peers in the pure residential play struggle for survival. In addition to Embassy’s dominance in the office space market, it is also making moves in the residential and warehousing space, which will prop it as among the country’s largest real estate companies. Image: Mallikarjun Katkol for Forbes India.

Mike Holland, CEO of Embassy Office Parks. The year 1. 99. 3 is not one that Virwani can forget in a hurry. The then 2. 8- year- old was a bystander to a dispute between his father, Mohan Virwani, and his partner, who ran a real estate business together, called Embassy, in Bengaluru. As a fallout, his father had decided to stop developing more properties. A distressed Virwani, who had intended to join the family business, recalls telling his father that his partner had other businesses to fall back on. We had only real estate as our bread and butter.” To his surprise, his father bought his argument: He agreed to let Virwani continue developing using the Embassy brand name but without any financial backing from the family. The re- energised Virwani set out and bought his first land parcel from Anandbhai, a Gujarati landowner, on Infantry Road—now a bustling street but then a place where auto rickshaws would refuse to go—and started developing his first office block, Embassy Point.

As luck would have it, he sold one floor to Kirloskar Oil Engines, then run by Vikram Kirloskar. At Rs 8. 25 per square feet, Vikram liked the price but needed approval from his grandfather Vijay Kirloskar, who sat in Pune. After a meeting in Pune, Virwani sold another two floors to Kirloskar Pneumatic. Even before he had completed the project, Virwani had made money and also started an association with Vikram Kirloskar, one that would traverse the next two decades. It was what Virwani did next that distinguished him from his peers and showed that he was not about to operate his real estate business the way it was traditionally done in the country.

After having received money from Kirloskar for the office space, he could have easily paid Anandbhai. Instead, Virwani chose to take him along and renegotiated the deal to share half the built- up area with him. A sceptical Anandbhai initially refused, thinking that Virwani would be unable to sell the office space. At that moment, I told him I had already sold two floors and we became partners,” he says. This freed up Rs 2 crore for Virwani to invest in his next venture. This move was unlike the norm at the time, when the association between the developer and landowner was more transactional—buy- sell.

And that was to become Virwani’s operating style over the next two decades. His modus operandi was simple. Take capital from investors, develop property, share the proceeds and move to the next thing. The 1. 99. 0s saw him develop several office buildings in Bengaluru and nurture his initial relationships with clients. By the end of the decade, two trends spurred Virwani on to take his big bet on office parks. First, he noticed companies were taking tentative steps towards expanding the scope of their operations by significantly increasing their staff strength.

For instance, Microsoft went from 1,0. This dramatically increased the amount of office space they would need. At 1. 00 square feet per employee, it amounted to 5. Until then, few companies had gone higher than 1. Second, Virwani realised that once the ‘floorplate’, or the area of the floor, increased from say 1. Both these factors resulted in companies upping their office requirements.

In the early 2. 00. Virwani’s belief came from large Indian IT companies that were setting up their own office parks for work outsourced initially from the US and later western Europe. Insulated from the hustle and bustle of Bengaluru, they offered landscaped surroundings for their employees to work in. They came equipped with round- the- clock power supply and employees had the option of eating in food plazas and going to the campus gymnasium or yoga classes.